Principles of Accounting I Written Cycle Project Version 10 Chapter 4 (part 4 of 4) Instructions: Below is the adjusted trial balance for Able Advertising Inc. (1) Prepare an Income Statement, Statement of Retained Earnings, and a Balance Sheet. (2) Then prepare closing entries, post them to t-accounts, and prepare a post-closing trial balance. Able Advertising Inc. Adjusted Trial Balance August 31, 20XX Income Statement Cash Accounts Receivable Prepaid Insurance Advertising Supplies $19600 3500 500 700 5000 Equipment $ 125 1100 5000 3000 10000 0 Accumulated Depr Accounts Payable Unearned Revenue Interest Payable Notes Payable Common Stock Retained Earnings Dividends Advertising Revenue Depreciation Expense Insurance Expense Interest Expense Supplies Expense Utility Expense Totals 2000 14500 125 250 30 1300 750 $33755 Statement of Retained Earnings $33755 General Journal PR Debit Balance Sheet Date Account Credit Cash Accounts Receivable $3500 Prepaid Insurance $500 $19600 Advertising Supplies $700 Equipment Accum Depr - Equip $125 $5000 Accounts Payable $1100 Unearned Revenue $5000 Interest Payable $30 Notes Payable $3000 Common Stock $10000 Retained Earnings $0 Dividends Advertising Revenue $14500 $2000 Depreciation Expense $125 Insurance Expense $250 Interest Expense $30 Supplies Expense $1300 Utility Expense $750